The Central Bank of Indonesia has launched a whitepaper on digital currency for the Rupiah. This decision was made as Indonesia has seen a rapid increase in digital transactions since 2020.
Several Federal Banks around the world are aiming to launch their own central bank digital currencies (CBDC), and accordingly, the Bank of Indonesia is stepping further.
The issuance of this WP is the first step of the “Garuda Project,” which is a project that underlies the exploration initiative of various choices of Rupiah digital architectural designs.
The digital Rupiah needs to stay under the sole authority of BI to issue legal online tenders. Perry Warjiyo, BI’s governor, presented the central bank’s policy guidelines for 2023 at a press conference in Jakarta.
Perry Wrjiyo said, “Digital rupiah will be implemented in stages, starting from wholesale CBDC for issuance, elimination, and transfer between banks,”
After his statement, Perry Wrijiyo also said that the next step would be to develop a business model for Digital Rupiah, which includes financial operations and money markets.
Also read: Bank Indonesia’s Gov. Explains Crypto-Assets’ Economy Impact
